Savor (SVR) H1 2025 earnings summary

Executive summary

• Interim results for the six months ended 30 September 2024 show revenue and earnings impacted by renovations at Non Solo Pizza and the closure of the Seafarers business, with adjusted revenue at $25m, down 6.5% year-over-year.

• Adjusted operating earnings were $2.5m, a 15.7% decrease compared to the prior year.

• Adjusted net loss after tax was $0.4m before one-off items, versus a $0.2m loss in the prior period; reported net loss after tax was $1.1m.

Financial highlights

• Revenue for the six months was $25.4m, down from $29.1m in the same period last year; adjusted revenue was $25m, down from $26.7m.

• Net loss after tax was $1.1m, compared to a $0.4m loss in the prior year period.

• EBITDA for the period was $2.0m, down from $3.1m year-over-year.

• Employee costs reduced by approximately $1.7m year-over-year, improving cost efficiency.

• Bivacco achieved record sales during Melbourne Cup celebrations, exceeding $0.1m in a single day.

Outlook and guidance

• Management reviewed impairment assumptions and found no need for further impairment testing at this time.

• Trading in October and November showed recovery, with growth across several venues.

• New Amano Deli and Japanese Izakaya restaurant bar to open in Spring 2025.

• Plans underway for a new leisure & entertainment offering with potential for national rollout.